Can a guarantor take a loan from a bank?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The guarantor is considered a guarantor of the return of credit money to the bank. Secured loans are more profitable, as they have low rates and high limits. As can be seen from the statistics, most of the clients successfully pay off their debt. But can a guarantor take a loan from a bank? This is described in the article.

When is a surety required?

Usually, the guarantors for loans are relatives and friends of the borrower. It rarely happens that a person vouches for a colleague or acquaintance. Before making a deal, you should analyze the consequences in case of non-payment of the loan by the borrower.

A guarantee is usually needed in the following cases:

1. Doubts about the solvency of the borrower.
2. The critical age of the borrower - he is too young or old.
3. Large amount provided without collateral.
4. When there is no credit history. But this problem is solved without guarantors. You need to take out a small loan. Credit history is automatically opened. After a successful payment, the person will be a reliable borrower.

Requirements for guarantors are usually the same as for borrowers. He doesn't have to have a bad credit history. It is important to have a steady income and official work. If the material dossier is bad, then the chances of obtaining a loan are noticeably reduced. If the borrower fails to pay the debt, the guarantor takes it upon himself. Therefore, usually only very close people make such obligations.

Guarantor restrictions

If the client pays the loan without delay, the bank does not bother the guarantors. This improves your credit history. Can a guarantor take a loan from a bank? A person who is a guarantor for someone else's loan can apply to a financial institution for financial assistance. The limitation is the reduction of the amount due to commitments.

Problems may appear if the bank does not receive the next payment. Then he can require the guarantor to pay the debt. If the loan is not repaid during the loan term, the financial institution goes to court. As a result, the guarantor is liable, as it is established by Art. 363 p. 1 of the Civil Code of the Russian Federation. The bank may demand from him:

• principal debt;
• interest and pen alties;
• judicial pen alties.

As a result, credit history deteriorates. There are almost no chances of getting loans. Can the guarantor take a loan from a bank in this case? He can apply to a financial institution, but it is unlikelyapplication will be approved. But keep in mind that each bank considers the application individually.

Loan availability

It is impossible to answer the question of whether it is possible to take a loan to a guarantor. After all, each financial institution considers the application individually. At the time of application you need:

1. Fill out his form, where there is a guarantee clause. This information should not be hidden. The bank will check the accuracy of the data. If incorrect information is found, then there will be a refusal.
2. Submit proof of income. When calculating the amount, the bank takes into account the amount of the loan, for which the guarantee is valid, as a second loan. It must be proved that the financial condition allows you to pay 2 debts. Some lenders take into account only 50% of monthly income, assuming that the other half is needed for living.

Also, banks check credit history, where there is information about personal loans and guarantees. Therefore, whether it is possible to take a loan as a guarantor depends on several factors. If the financial situation of a person allows you to pay the debt, then most likely the application will be approved.

Reason for rejection

Can the guarantor take out a loan for his needs? A guarantee as a method of securing the fulfillment of obligations is not a reason for refusing a loan. But some nuances affect the result of the decision. Often, banks reject applications from persons who are guarantors. This is due to several reasons:

1. Delayed payment of the debt. As a result, the credit history of the borrower deteriorates.and the guarantor.
2. If the loan was issued not so long ago, then the application is more likely to be rejected.
3. The more debt, the less likely you are to get a loan.

Financial institutions take into account the client's credit burden. Issued additional loans reduce the chances of approval of the application. Whether the guarantor can take a loan from a bank depends on the official income. It is important to document the ability to pay the debt.

How to get rid of the guarantee?

Based on clause 367 of the Civil Code of the Russian Federation, the guarantee is terminated in some cases:

1. With the transfer of debt by the creditor to another person without the written consent of the guarantor.
2. When the bank makes changes to the contract without the official permission of the guarantor.
3. With the bankruptcy or liquidation of the institution that issued the loan.
4. Due to the reissuance of the guarantee to another person.
5. After the expiration of the period specified in the contract.

Since it is almost impossible to avoid liability for an unscrupulous payer, it is necessary to think carefully before taking on such obligations. After all, according to a formalized transaction, the guarantor's obligations to repay the debt appear after the borrower has stopped transferring funds.

Mortgage

Can a mortgage guarantor take out a loan? There is no single answer to the question, it all depends on the credit policy of the bank. Usually assessed financi althe state of the guarantor, the level of risks under the guarantee, the amount of possible consequences in case of liability. These factors are decisive when considering the application. Often in such cases refusals follow.

Recommendations

What should I consider before making a guarantee? Required:

1. Make sure of the financial viability and decency of the borrower. He should be offered financial risk insurance.
2. It is necessary to add options for terminating the transaction to the guarantee agreement.
3. It is necessary to find out the amount of payments and calculate whether it will be possible to pay debts if necessary. It is important to evaluate the possibilities, because in case of non-payment, the responsibility passes to the guarantor.
4. Don't vouch for your bosses. If they apply for a loan, then this already indicates financial difficulties.

Thus, whether it is possible to take a loan to a guarantor depends on various factors. Since it is allowed by law, you can try to apply. And the decision will be made by the bank.